Question

In: Accounting

The following information describes Lansur's Corp. activities with Bank SWN during September 2019: 1. The cash...

The following information describes Lansur's Corp. activities with Bank SWN during September 2019:

1. The cash account balance at the bank according to the ledger as of September 1, 2019 is Rp. 16,245,180.

2. The company's cash receipts during the month of September according to the cash receipts journal were Rp 45,634,920, while checks withdrawn during the month totaled Rp 52,911,340.

3. Bank statements at the end of September 2019 show a balance of Rp 6,652,020

4. A bank statement is attached with a debit memo on the return of checks received from Nazira corp. since the check has no funds. The check value is Rp 876,470.

5. Checks that are still outstanding as of September 30, 2019 are Rp. 361,320

6. Checks withdrawn by Mulya corp. amounting to Rp 546,330 have been recorded by the bank as checks withdrawn by Lengser corp.

7. Deposits in transit at the end of September 2019 are Rp 2,100,300.

8. Checks received from Damai Corp. of Rp. 947,600. has been recorded by the company with a total of Rp. 94,760.

9. Bank administrative costs of Rp 7,800 have not been recorded.

Requested:
a. Make a bank reconciliation as of 30 September 2019.

b. Based on the reconciliation, make an adjusting entry.

Note:
Rp= Currency Unit

Solutions

Expert Solution

Solution:

Bank Reconciliation Statement
Lansur's Corp
Bank Book
Balance, September 2019 6652020 Balance, September 2019 8968760
Add: Add:
Deposit in transit 2100300
Wrong Bank Entry 546330 Error in recording 852840
9298650 9821600
Less: Less:
Outstanding Cheques 361320 Bank Charges 7800
Cheques Returned 876470
361320 884270
Adjusted Bank Balance 8937330 Adjusted Book Balance 8937330
Adjusting Entries
Bank Charges 7800
Cash 7800
(To record the charges leved by the bank)
Accounts Receivable - Nazria Corp 876470
Cash 876470
(To record NSF check from Nazria Corp)
Cash 852840
   Accounts Receivable - Damai Corp 852840
(To adjust the collection from Damai Corp)

PS: In case of any clarifications kindly use the comment box instead of a thumbs down. We look forward to clear your doubts.

ekkarill92 answered 2 years ago
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